Southern New Jersey Overlook

A past month article in FSB discussed the federal limits parents can shift to a child to take advantage of the youth's lower tax rate.  The Small Business and Work Opportunity Tax Act of 2007 includes changes to the "Kiddie Tax".   For example, it states that...

You are eligible for a tax break if:

* In tax year 2007, your child reports under $1,700 in passive investment income.

* In 2006 your childe was 18 or younger. In tax year 2008 the age rises to 19 years (up to 24 for full-time students).

Strategies:

* Transfer growth investments, which don't throw off much income, to a child's account

* Hire your child.  If the child is over 18 and his/her earned income exceeds half of his/her "support" (your calculation of what it costs to house, feed, and clother the child), your higher tax rates won't apply: that is, put the kid to work in your business, raise her earned income, and lower the risk she'll trigger the kiddie tax.


Click here for full article




Visit my web site for additional services and support: LawrenceYerkes.com
   
and visit BestProperties-NJ.com to learn more about our commercial services and resources.   
  
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

REALTOR Magazine offered tips for starting the year on solid ground by being organized, following up with clients, and reaching your sales goals. I believe they applyl to any type of business.

Following is the summary of those resolutions.

I resolve to...

Develop a business plan.

Create checklists and action plans for the upcoming year.

Plan out my marketing activities for the new year.

Get organized. Regarding you desk, take one of three F.A.T. actions:

F: File it!
A: Act on it!
T: Trash it!

Update and revise my sphere of influence list (S.O.I.).

Read articles related to my profession.

Write down my goals down and look at them daily.


Note: According to a Stanford University study, 80% of those set goals, wrote them down and ready them on a daily basis achieved their goals.




Visit my web site for additional services and support: LawrenceYerkes.com
   
and visit BestProperties-NJ.com to learn more about our commercial services and resources.   
  
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

There are many aspects to becoming more successful. An important component is confidence. A recent Realty Times article discusses seven powerful tips to more confidence. Before you create your next marketing plan, check your confidence level.

The seven confidence building tips discussed in the article are:

Focus on What You Want. (Ask, "What DO I want?")

Tame your Inner Gremlin. (STOP; Take a Deep Breath; Replace with A Positive Thought.)

Clear your Inner Conflicts. (Overcome resistance.)

Create a Successful Future Self. (Visualize.)

Only engage in interactions that are win/win. (Listen to your gut/hunches.)

Practice extreme self care and self maintenance. (Protect your health and well being.)

Know that what you have to offer is valuable. (Believe in yourself and your services.)




Visit my web site for additional services and support: LawrenceYerkes.com
   
and visit BestProperties-NJ.com to learn more about our commercial services and resources.   
  
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

The commercial real estate market and the health of the nation's economy as a whole will benefit from the reauthorization of the federal government's terrorism risk insurance program, which President George W. Bush signed into law on 12/26. The National Association of Realtors®(NAR) has long advocated for passage of the Terrorism Risk Insurance Revision Extension Act (TRIA) [H.R. 2761] to maintain a strong commercial market.
 
The terrorism insurance program, initiated after the September 11, 2001, terrorist attacks, has helped stabilize the commercial real estate industry. The new law will extend the program for seven years, covers both foreign and domestic acts of terrorism, retains the "trigger level" at $100 million of damages at which point federal assistance kicks in, and establishes a blue ribbon commission tasked with recommending a long-term private market solution.    (Source: NAR)

For additional information about the TRIA and H.R. 2761 (and other federal legislation) check out the following links:

GovTracks.us

LOC-Thomas

VoteSmart

OpenCongress

CBO Cost Estimate (PDF)

More Details



Visit my web site for additional services and support: LawrenceYerkes.com
   
and visit BestProperties-NJ.com to learn more about our commercial services and resources.   
  
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

A new ruling announced on 12/26 by the Equal Employment Opportunity Commission  (EEOC) , according to a New York Times article, U.S. Ruling Backs Benefit Cut at 65 in Retiree Plans, said that employers could reduce or eliminate health benefits for retirees when they turn 65 and become eligible for Medicare.  The policy, set forth in a new regulation, allows employers to establish two classes of retirees, with more comprehensive benefits for those under 65 and more limited benefits - or none at all - for those older.

The U.S. Equal Employment Opportunity Commission (EEOC) announced the publication of the final rule allowing employers that provide retiree health benefits to continue the longstanding practice of coordinating those benefits with Medicare (or comparable state health benefits) without violating the Age Discrimination in Employment Act (ADEA). The regulation, which safeguards retiree health benefits, was published in the Federal Register and is available on the EEOC's web site at http://www.eeoc.gov/policy/regs/index.html.

Click here for EEOC's press release for more about this new ruling.





Visit my web site for real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.   

Hoping you and your family have a warm, wonderful, Merry Christmas and Happy Holidays!

The Christmas season holds special meaning unique to each one of us. Here are resources celebrating from different persepctives the meanings, traditions, literature, music, food, fun, faith and family gatherings associated with this time of the year.

Christmas Celebrations, Traditions and Fun
Christmas History and Traditions - Worldwide
Christmas - What Is The True Meaning?
The Christmas Season - Origin, Traditions, Meaning
KIDiddles: Christmas Songs
Christmas History, Tree And The Origin of Santa Claus
Boundless: The Meaning Of Christmas
Orthodox: Meaning of Christmas
Christmas Wonderland - Links
Additional Christmas Links
Christmas (Xmas) Fun
Christmas History and Traditions From German-American Perspective
SantaLand - Christmas & Holiday Traditions and Customs
Christmas In South America
Christmas Symbols
Secrets of Success - The Story of Christmas
Story of Christmas - Wikipedia




Visit my web site for real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.    

Don't lose the home! If you or anyone you know are experiencing difficulties with meeting mortgage payments and are concerned about the possibility of foreclosure in New Jersey, then we have compiled important resources below to help you quickly get to the information you need to understand your options, to enable making better decisions and hopefully to avoid fraud being committed against you...

Avoiding Foreclosure In New Jersey - guidance on default and foreclosure prevention in New Jersey, provided by the state of NJ and HUD.

Avoiding Foreclosure - practical suggestions for helping you face problems quickly and directly so you're much more likely to avoid foreclosure.

Owning And Keeping A Home - reources for how to avoid foreclosure from Freddie Mac.

How To Avoid Mortgage Fraud - how to identify possible scam artists and their tactics, plus reliable resources for avoiding foreclosure, provided by Freddie Mac.  Check out their Mortgage Fraud 101 video.

Fighting Foreclosure - 8 Do's and Don'ts - practical tips from BankRate.com for even if you are in the beginning of the foreclosure process and declaring bankrupcy.

Foreclosure Fallout - Rescue Scams - CNNMoney article identifying and discussing tactics that scam artists use against people facing foreclosure.

HomeOwnership Preservation Fund - providing online and toll-free homeowner assistance to individuals and families struggling financially.

Just remember that it is important to take appropriate actions as soon as possible, otherwise you will have less and less options available to you the longer you wait.

If you are at the point where you believe you may need the help of an experienced real estate agent to discuss your options, please don't hesitate to Contact us.



Visit my web site for additional resources, real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to shop for the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

Note: This market report is based on information from TReND for the period 1/1 through 12/15 for 2007 and 2006.  (All calculations are approximate and rounded up.)

Market Report - Burlington County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  5187  83.2% of prior year           3586 (66.1% of total sold)       (718 rentals)
2006:  6236  85.2% of prior year           4228 (67.8% of total sold)       (614 rentals) 
2005:  7317                                            5177 (70.8% of total sold)       (494 rentals)
 
From the data we see that the statistics support anecdotal reports of slowing of sales compared to last year, while homes available for sale have increased in proportion to homes sold.    The percentage drop of over 16% from last year (and over 14% from 2005 to last year) for homes currently sold to date tends to be higher in the areas that have more homes in the higher price ranges.  

The proportion of homes under $300K remained approximately the same over last year, which is lower than in 2005.

YTD Median sold prices have slightly decreased from $245,000 to $242,900 (the average sold price has decreased from a high of $291,000 during the summer to $287,000), while pending median home prices are $239,000.  The median Days On Market (DOM) increased from 44 to 58, with the average DOM going from 70 to 74.  The percentage of actual price to asking price slightly decreased from 96.2% to 94.5%.  The market therefore appears to be continuing it's adjustment to more historical sales cycle norms. 

Personal experience provides observation of homes that are properly priced and staged for showing are still selling, though taking longer than during the recent sellers market. 
  
A continuing and interesting trend is the gradual increase of residential rentals over prior years.  More analysis needs to be conducted to see if this increase is a result of people renting their homes instead of selling while they wait for the market to swing back, or perhaps more investors "coming on line" with their rental property investments, or some combination of both.
 
 
Click here for previous market related articles providing local and national market statistics and resources.

 
 
 
Visit my web site for real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.    

Note: This market report is based on information from TReND for the period 1/1 through 12/15 for 2007 and 2006.  (All calculations are approximate and rounded up.)

Market Report - Camden County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  5725  84.5% of prior year           4800 (83.8% of total sold)       (629 rentals)
2006:  6773  83.7% of prior year           5473 (80.8% of total sold)       (503 rentals) 
2005:  8095                                           7337 (90.6% of total sold)       (452 rentals)
 
From the data we see that the statistics support anecdotal reports of slowing of sales compared to last year, while homes available for sale have increased in proportion to homes sold.    The percentage drop of over 15% from last year (and over 16% from 2005 to last year) for homes currently sold to date tends to be higher in the areas that have more homes in the higher price ranges.  

The proportion of Homes under $300K remained approximately the same over last year, which is significantly lower than in 2005.

Surprisingly, YTD median sold prices have increased slightly from $194,500 to $196,000 (average price also continued to increase to $226,600), while the median Days On Market (DOM) increased from 40 to 51, with the average DOM going from 65 to 67.  The percentage of actual price to asking price decreased from 96% to 94.5%.  The market therefore appears to be it's continuing adjustment to more historical sales cycle norms. 

Personal experience provides observation of homes that are properly priced and staged for showing still selling, though taking longer than during the recent sellers market. 
  
A continuing and interesting trend is the increase of residential rentals over prior years.  More analysis needs to be conducted to see if this increase is a result of people renting their homes instead of selling while they wait for the market to swing back, or perhaps more investors "coming on line" with their rental property investments, or some combination of both.
 
 
Click here for previous market related articles providing local and national market statistics and resources.

 
 
 
Visit my web site for real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.    

Residential Market Report: Gloucester County - YTD September 2007 (edit/delete)

Note: This market report is based on information from TReND for the period 1/1 through 12/15 for 2007 and 2006.  (All calculations are approximate and rounded up.)

Market Report - Gloucester County - Residential Home Sales
 
Year-to-Date Residential Home Sales     Under $300's
2007:  3148  80.7% of prior year           2445 (77.7% of total sold)        (307 rentals)
2006:  3606  92.5% of prior year           2839 (78.7% of total sold)        (253 rentals) 
2005:  3900                                           3221 (82.6% of total sold)        (210 rentals)
 
From the data we see that the statistics support anecdotal reports of continued slowing of sales compared to last year, while homes available for sale have increased in proportion to homes sold.    The percentage drop of over 11% from last year (and 5% from 2005 to last year) for homes currently sold to date tends to be higher in the areas that have more homes in the higher price ranges.  

The proportion of Homes under $300K remained almost the same over last year, which is lower than in 2005.
Median sold prices in the county have increased from $218,000 to $225,000 (the average sold price has gradually decreased from a high of $250,900 during the 2nd quarter '07 to $242,900), while pending median home prices are now $220,000.  The median Days On Market (DOM) increased to 57 (from 44 the prior year), with the average DOM going from 63 to 71.  The percentage of actual price to asking price decreased from 96% to 94%.  The market therefore appears to be continuing it's adjusting to more historical sales cycle norms. 

Personal experience provides observation of homes that are properly priced and staged for showing still selling, though taking longer than during the recent sellers market. 
  
A continuing and interesting trend is the gradual increase of residential rentals over prior years.  More analysis needs to be conducted to see if this increase is a result of people renting their homes instead of selling while they wait for the market to swing back, or perhaps more investors "coming on line" with their rental property investments, or some combination of both.
 
 
Click here for previous market related articles providing local and national market statistics and resources.

 
 
 
Visit my web site for real estate services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.    

If you are a property owner and landlord renting single-family and two-family residential units, you will soon be subject to inspections for lead-based paint just as three-or-more-unit dwellings are currently required once the governor signs new legislation that was recently sent his way...

"The New Jersey Senate and Assembly have approved legislation that will expand the scope of lead paint inspection requirements for multiple dwelling units to also include single-family and two-family rental dwelling units. The bill now heads to the Governor's desk.

Currently, state law provides that multiple dwellings are inspected at least once every five years for lead paint hazards.

According to the bill, A3263/S2622, the Department of Community Affairs (DCA) will charge a fee sufficient to cover the cost of inspections, provided that the fee does not exceed one-third of the inspection fee for a three-unit multiple dwelling.

The bill includes exemptions for owner-occupied two-family residential properties, properties that have been certified to be free of lead-based paint or of having a lead-free interior by a certified inspector, properties that were constructed during or after 1978, and seasonal rental units that are rented for less than six months duration each year."

Source: NJAR

Visit my web site for additional services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to shop for the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

Hopefully, most of you are aware that we have a separate group established for you to notify the rest of the community of your Commercial Property for Sale or Lease, Classifieds, Property Wanted, Looking for Property, Referrals; etc.

This should be the place to go if you have a want or need regarding commercial property.

Please take advantage of this group to market your properties, and broadcast your needs to the rest of the community.

As always, we welcome your feedback and suggestions as to how we can continue to improve the benefits of this group to it's members.

Related posts:

Click Here For Commercial Properties Haves (for Sale/Lease) / Wants (Needs, Looking For, etc.)


Welcome to the Commercial Property Haves / Wants Group

If you are looking for good continuing education opportunities in the Delaware Valley area, then you need to place The Commercial Real Estate School of the Tri-State Realtors Commercial Alliance at the top of your list of educational resources for self-improvement and meeting your MCE requirements.

The The Commercial Real Estate School of the Tri-State Realtors Commercial Alliance is a certified Real Estate School in Pennsylvania and is also approved in the State of Delaware. Courses are also approved for credit with the Pennsylvania Board of Appraisers. They are currently in the process of being approved with the New Jersey and Delaware Board of Appraisers and the Pennsylvania Legal Education Board.

For example, fall classes have recently completed (they also have more classes in the spring) that covered:

 * Real Estate Investment Analysis

 * Environmental Issues

 * Development Site Suitability

 * Population Trends and Investment

Each class takes place in the evening from 5pm until 8:30pm and includes dinner.  

This is a great time to earn continuing education credits, but just as importantly, to network with you peers, to get the latest information and gain practical ideas and shared experiences from leading practitioners in commercial real estate. 



Lawrence Yerkes

A big part of the Christmas season is the special music we all listen and helps get us in the spirit of the holiday

Here are some links of prior articles to help...

Christmas Music On The Internet- links to a variety of styles and formats of continuous holiday music with good quality sound.

Christmas Carols and Song - Words, chords, music, downloadable versions so you can sing along while listening to your favorite records and for sharing with family and friends.

And our annual favorite:

Music Christmas Card - Santa and Singing Reindeer - an animated music Christmas card that made the rounds last year, based on a classic golden oldies version of White Christmas. It's still fun to listen to and watch.

Visit my web site for additional services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to shop for the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved. 

For those that looking for a great way to celebrate the holiday season, here is a rare opportunity to enjoy a great musical program with professional artists that are usually only accessible in major cities and on Broadway.

This Sunday, "Peace and Joy, A Christmas Celebration" will be hosted at Saint Mary of the Lakes Church, in Medford, NJ on December 9th at 6:30 pm.  

Tickets are $40 (Phone information for tickets: 609-654-6381 or available at the door while seating lasts). 

FREE tickets are being offered to active members of the military as well as local fire and police organizations.

The music program stars renouned Irish tenor Ciaran Sheehan, Broadway's Phantom Of The Opera, award-winning soprano Gay Willis, the Strings of Tara, Celtic Harps and Voices of New York along with the Festival Youth Chorus. Eily O'Grady Pattersonis pianist and producer.

Dublin born Ciaran Sheehan and Gay Wills are Broadway stars who are featured in the PBS television special "From Galway to Broadway" shown across America. 

Willis has toured the world with "The Music Of Andrew Lloyd Webber" with Michael Crawford and Sarah Brightman, appearing at Royal Albert Hall in London, as well as Radio City Music Hall in New York. She made her Carnegie Hall debut with Ciaran in December, 2005.

Concert Pianist and harpist Eily O'Grady Patterson has appeared in concert with the Boston Pops, and has performed many times on the BBC and Irish Telvision.  Eily has appeared with the finest orchestras and at the world's leading concert halls. She comes from a well-known Irish musical family which includes her sister Geraldine, Ireland's leading violinist.  Her late husband was the tenor Frank Patterson with whom she toured throughout the world.

This concert will give you the opportunity of enjoying a memorable and unforgettable evening of music and song while at the same time giving during the Christmas Season since proceeds will help fund the Phillis Badame - St. Mary of the Lakes School Scholarship Endowment Fund.

Don't miss this wonderful holiday treat for youself and your family and friends!

Visit my web site for additional services and support: LawrenceYerkes.com
  
and visit Besthomes-NJ.com to shop for the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).   
 
Copyright 2007 by Lawrence Yerkes. All Rights Reserved.